Hg takes OneStream private in $6.4B deal less than two years after IPO

London-based PE firm agrees to acquire the financial software group, paying a 31% premium to its last close and marking a swift reversal from the company’s Nasdaq listing in 2024.

London-based Hg Capital has agreed to acquire financial software maker OneStream in a take-private transaction valued at $6.4 billion as the Michigan-based company struggled to maintain its valuation.

The deal comes less than two years after OneStream went public on the Nasdaq stock exchange. Reports in November said the company was exploring a sale after its share price had fallen 45% from its peak valuation.

Under the terms of the deal, shareholders will receive $24 per share in cash. The per-share purchase price represents a 31% premium to OneStream’s closing share price on Jan. 5 when the offer period began, and a 27% premium to its average price over the previous 30 trading days.

OneStream went public in July 2024 under KKR‘s ownership, during a wave of technology listings on US exchanges. It raised $490 million in its IPO and an additional $465 million in its second public offering the following November.

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Hg—which made its investment through its Saturn 4 buyout fund—will now be the majority shareholder, while General Atlantic will also be a significant minority investor alongside tech investment firm Tidemark. The consortium will purchase all shares, including those held by KKR.

This is Hg’s second deal via its Saturn fund family this year. Earlier this month, Hg-backed UK insurance broker Howden made an add-on acquisition of New York-based insurance brokers Atlantic Group.